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Senate H.R. 1424 [10/02/2008]

Thu, 10/02/2008 - 4:53pm — WRhouse

even the sports blogs are weighing in on some of the inanities of the "emergency relief in this bill, (found while waiting for the Phillies game to start)- NASCAR . (via Yahoo )
And the House bill started out in 10/2007 as a bill from Rep Rangle (NY) as H.R.3997 - "An Act to amend the Internal Revenue Code of 1986 to provide tax relief and protections for military personnel, and for other purposes." They couldn't pass a bill to provide financial help to our soldiers and families in over a year, but Wall Street and bankers...

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Wall Street = Parasite

By BDBlue on Thu, 10/02/2008 - 6:09pm

That's basically the gist of this economist's commentary on why the bailout sucks. Key graph (emphasis mine):

Does such nitpicking fail to recognize the urgency of fixing the financial system? Isn’t any plan better than none? I, for one, am not convinced. Efficient financial systems are supposed to promote growth in the real economy, not impose a huge tax burden. And the US financial sector, in greasing the wheels of the real economy, has been soaking up an astounding 30% of corporate profits and 10% of wages. ... Isn’t it possible, then, that rather than causing a Great Depression, significant shrinkage of the financial sector, particularly if facilitated by an improved regulatory structure, might actually enhance efficiency and growth?

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"Do what you feel in your heart to be right -- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't. " - Eleanor Roosevelt

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